IFRS Foundation Monthly News Summary – April 2022
Please find below a summary of news and events from the IFRS® Foundation over the past month: Webinars on ISSB’s exposure drafts Recordings of the two live webinars held by the International Sustainability Standards Board (ISSB) on 28 April 2022 are now available. In these webinars, the ISSB discussed its proposed standards on general sustainability-related disclosures and climate-related disclosures. Meeting Updates and Summaries The IASB meeting was held on 25–28 April.The IFRS Interpretations Committee met on 20 April 2022.The Global Preparers Forum (GPF) held a hybrid meeting on 11 March 2022.The Consultative Group for Rate Regulation held a virtual meeting on 4 March 2022. The IFRS Foundation Trustees met in Frankfurt on 2–3 March 2022. ISSB establishes working group to enhance compatibility between global baseline and jurisdictional initiatives The International Sustainability Standards Board (ISSB) announced the formation of a working group of jurisdictional representatives to establish dialogue for enhanced compatibility between the ISSB’s exposure drafts that are currently open for comment and ongoing jurisdictional initiatives on sustainability disclosures. Pension Benefits that Depend on Asset Returns—Project Summary has been published The International Accounting Standards Board (IASB) has published a Project Summary on its research project Pension Benefits that Depend on Asset Returns.Project summaries are overviews of information already available to the public through IASB meeting papers. Q1 2022 Interpretations Committee podcast In this episode, IFRS Interpretations Committee Chair and member of the International Accounting Standards Board (IASB) Bruce Mackenzie joins Technical Staff Member Patrina Buchanan to discuss activities to support consistent application of IFRS Accounting Standards in the first quarter of 2022. Call for members—International Accounting Standards Board The IFRS Foundation Trustees are calling for members of the International Accounting Standards Board (IASB) IFRS Foundation establishes ISSB presence in Montreal The IFRS Foundation and Chartered Professional Accountants of Canada (CPA Canada) announced an agreement to establish the Montreal centre of the International Sustainability Standards Board (ISSB). The Montreal centre will host key functions on behalf of the ISSB, including the coordination of activity across the Americas. IASB call for research on Making Materiality Judgements The International Accounting Standards Board (IASB) is looking to partner with a small number of national standard-setters to obtain research evidence about the effects of recent changes and additions to its literature applicable to making materiality judgments. IFRS Foundation publishes 2021 Annual Report The IFRS Foundation has published its annual report and audited financial statements for the year ended 31 December 2021. March 2022 IASB podcast In this episode of the latest International Accounting Standards Board (IASB) podcast, IASB Chair Andreas Barckow and Executive Technical Director Nili Shah discuss the topics that were on the agenda for the March 2022 IASB meeting.
ISSB establishes working group to enhance compatibility between global baseline and jurisdictional initiatives
The International Sustainability Standards Board (ISSB) today announced the formation of a working group of jurisdictional representatives to establish dialogue for enhanced compatibility between the ISSB’s exposure drafts that are currently open for comment and ongoing jurisdictional initiatives on sustainability disclosures. The formation of the working group is part of an extensive programme of outreach activity designed to encourage feedback on and engagement with the ISSB’s consultation from all jurisdictions and stakeholder groups. The ISSB’s mission is to deliver a high-quality global baseline of sustainability disclosures, which includes an initial focus on detailed climate requirements. The global baseline addresses the needs of capital market participants around the world and can be directly used on a voluntary basis by market participants or incorporated into jurisdictional mandatory requirements (which might also serve broader public policy or multistakeholder needs). The ISSB will operate in an inclusive manner in this mission. Jurisdictional standard-setting in the field of sustainability-related financial disclosures is a relatively new discipline and many jurisdictions are participating in this process at scale for the first time. Many of these developments and associated public consultations are occurring in parallel. These ongoing activities present an opportunity to align, as much as possible, requirements at a jurisdictional and international level to deliver the global baseline that has been welcomed by public authorities and market participants, including the G20, the G7, the International Organization of Securities Commissions and the Financial Stability Board. A new advisory body—the Sustainability Standards Advisory Forum—will be created by the ISSB during the next quarter to facilitate regular dialogue with, and high-level advice from, a broad set of jurisdictions. In addition, to support timely development of the global baseline, the ISSB has formed a working group composed of representatives from several jurisdictions actively engaged in standard-setting in the field of sustainability disclosures. The working group will discuss compatibility of those initiatives to establish how the global baseline, fully responding to the needs of global market participants, can contribute to optimising reporting efficiency for companies in those jurisdictions and how those jurisdictions can build upon the global baseline according to their needs. Members of the working group are the Chinese Ministry of Finance, the European Commission, the European Financial Reporting Advisory Group, the Japanese Financial Services Authority, the Sustainability Standards Board of Japan Preparation Committee, the United Kingdom Financial Conduct Authority and the US Securities and Exchange Commission. Working group meetings will take place in May and July. Meeting summaries will be published on the IFRS Foundation website. Input from the working group will also be considered by the ISSB in public meetings as part of its deliberation of all feedback received during the consultation period. Commenting on the working group meetings, Emmanuel Faber, ISSB Chair, said: There is strong public interest in seeking to align where possible the international and jurisdictional requirements for sustainability disclosures. We have a window of opportunity to do just that, given that the ISSB’s proposals are out for comment at the same time as several major jurisdictions are also seeking public input on their proposals. I look forward to a fruitful exchange of ideas.
ISSB delivers proposals that create comprehensive global baseline of sustainability disclosures
The International Sustainability Standards Board (ISSB), established at COP26 to develop a comprehensive global baseline of sustainability disclosures for the capital markets, today launched a consultation on its first two proposed standards. One sets out general sustainability-related disclosure requirements and the other specifies climate-related disclosure requirements. More information here
Monthly News Summary: March 2022
Please find below a summary of news and events from the IFRS® Foundation over the past month: ISSB delivers proposals that create comprehensive global baseline of sustainability disclosures The International Sustainability Standards Board (ISSB), established at COP26 to develop a comprehensive global baseline of sustainability disclosures for the capital markets, today launched a consultation on its first two proposed standards. ISSB communicates plans to build on SASB’s industry-based Standards Along with the release of the exposure drafts, ISSB Chair Emmanuel Faber and Vice-Chair Sue Lloyd have communicated plans for building upon the SASB Standards and for embedding SASB’s industry-based standards development approach into the ISSB’s standards development process. IFRS Foundation publishes IFRS Accounting Taxonomy 2022 The IFRS Accounting Taxonomy enables electronic reporting of financial information prepared in accordance with IFRS Accounting Standards. IFRS Foundation and GRI sign cooperation agreement The IFRS Foundation and Global Reporting Initiative (GRI) have announced a collaboration agreement under which their respective standard-setting boards, the International Sustainability Standards Board (ISSB) and the Global Sustainability Standards Board (GSSB), will seek to coordinate their work programmes and standard-setting activities. IFRS Foundation announces annual conference Registrations are open for the IFRS Foundation’s annual conference, which will be held in London on 23–24 June 2022 and include updates on the work of both the IASB and the ISSB. IASB Chair Andreas Barckow delivers keynote speech at ICGN 2022 conference He discussed what the IASB has in place in IFRS Accounting Standards for reporting on sustainability-related matters in the financial statements and where the IASB may go in the future. IFRS Foundation agrees MoUs to establish ISSB presence in Frankfurt, marking first step towards global footprint The Trustees of the IFRS Foundation have today signed Memoranda of Understanding (MoUs) with German public and private sector institutions to formalise the partnerships and funding arrangements required to establish the presence of the International Sustainability Standards Board (ISSB) in Frankfurt. Bruce Mackenzie appointed as Chair of the IFRS Interpretations Committee The Trustees of the IFRS Foundation have today announced the appointment of Bruce Mackenzie as the new Chair of the IFRS Interpretations Committee, succeeding Sue Lloyd. Call for members of the IFRS Interpretations Committee The Trustees of the IFRS Foundation invite applications for candidates to serve on the IFRS Interpretations Committee, which works with the IASB to support consistent application of IFRS Accounting Standards.
IFRS Interpretations Committee—call for members
The Trustees of the IFRS® Foundation invite applications from suitable candidates to serve on the IFRS Interpretations Committee (Interpretations Committee). All applicants will be comprehensively considered. However, based on the skills, experience and background of outgoing member(s) and the overall balance of the Interpretations Committee, the following attributes would be of specific interest: a strong preparer background; anddirect and relevant experience in the application of IFRS Accounting Standards. The Interpretations Committee is the interpretative body of the International Accounting Standards Board. It consists of 14 voting members and a non-voting chair. The role of the Interpretations Committee is to address questions about the application of IFRS Accounting Standards to support consistent application. When considering candidates, Trustees will consider individuals from all regions (Africa, the Americas, Asia-Oceania and Europe) who: have a high level of technical expertise;add to the diversity of the Interpretations Committee in terms of international business and market experience;have market experience in the practical application of IFRS Accounting Standards and analysis of financial statements prepared in accordance with IFRS Accounting Standards; andcan serve in an individual capacity and demonstrate their independence. Following interviews, which are expected to take place in April/May, successful candidates will be appointed to serve a term that will begin on 1 July 2022 and that will expire on 30 June 2025. The term may be renewed for a further three years. Members are expected to attend, in London, up to six two-day meetings each year. Membership is unpaid, but the IFRS Foundation meets members’ reasonable travel and accommodation expenses incurred for Interpretations Committee business. Closing date for applications: 8 April 2022 Please refer to the criteria and indicate interest by sending a cover letter and curriculum vitae by 8 April 2022 to: Michel Madelain, Chair of the Nominating Committee, c/o: Monique Akin firstname.lastname@example.org
February 2022 monthly news summary
Please find below a brief summary of news and events from the IFRS® Foundation over the past month: Invitation for nominations for membership of the SME Implementation Group The Trustees of the IFRS Foundation invite nominations of suitable candidates for membership of the SME Implementation Group (SMEIG). The SMEIG supports adoption, implementation and application of the IFRS for SMEs Standard. Call for academic research papers The International Accounting Standards Board (IASB), the Financial Accounting Standards Board and The Accounting Review are calling for academic research papers for a joint conference taking place in November 2022 entitled ‘Accounting for an Ever-Changing World’. Update on appointments to the inaugural ISSB Chair of the IFRS Foundation Trustees Erkki Liikanen provides an update on the Trustees’ work to appoint ISSB members to work with the ISSB Chair and Vice-Chair. IASB issues an update to the IFRS Accounting Taxonomy 2021 The IFRS Accounting Taxonomy 2021 has been updated to reflect the February 2021 amendments Disclosure of Accounting Policies and Definition of Accounting Estimates. IFRS Foundation Trustees announce ASAF membership 2022–2024 View the new composition of the Accounting Standards Advisory Forum, the technical advisory body to the IASB. Workshop to discuss selected submissions on corporate disclosures Join an online workshop on 27 June 2022, where selected academic research papers on corporate disclosures will be presented and discussed. Webcasts explaining the IASB’s Exposure Draft Supplier Finance Arrangements Watch two short webcasts that provide background to reverse factoring and other supplier finance arrangements, and illustrate how the IASB’s proposals aim to enhance the transparency of supplier finance arrangements. An interview with new ISSB Chair Emmanuel Faber Learn more about the inaugural Chair of the ISSB, what attracted him to the role and his ambitions for the ISSB.